Starting at the end of this year, US homebuyers will have the option of paying their mortgage in Bitcoin.
United Wholesale Mortgage, which made its public debut in January as part of a Special Purpose Acquisition (SPAC) merger, this week announced plans to accept cryptocurrencies for home loans first for the national mortgage industry.
“We have examined the feasibility and look forward to being the first mortgage lender in America to accept cryptocurrency to settle mortgage payments,” said CEO Mat Ishbia on Monday in the conference call on the second quarter results.
“This is something we’ve been working on and we’re excited to hopefully actually do this in the third quarter before anyone else in the country as we are a technology and innovation leader.”
The Michigan-based mortgage company confirmed to CNBC that it is aiming to accept Bitcoin first, even though UWM is in the process of valuing ether and other cryptocurrencies as well.
“We are reviewing the feasibility and requirements to accept cryptocurrencies to settle mortgage payments,” Ishbia said in a tweet about the company’s account.
UWM – the country’s second largest mortgage lender after Quicken, the Detroit-based credit giant owned by Rocket Companies – operates entirely through wholesale channels, which means the company employs a fleet of brokers who then connect customers with home loans.
The foray into decentralized digital money comes at a time when crypto is being scrutinized by all sides in the United States
Revised crypto tax rules are part of the $ 1 trillion infrastructure bill, and Treasury officials like Treasury Secretary Janet Yellen, SEC Chairman Gary Gensler and Fed Chairman Jerome Powell have all recently spoken on the subject of regulating cryptocurrency.
It is unclear whether UWM will hold the accepted cryptocurrency or convert it to fiat at the time of the transaction. The company did not immediately report to CNBC with this information.